Change of strategy

Mondi to sell its paper mill Syktyvkar in Russia

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After examining all options, paper and packaging manufacturer Mondi has decided to sell its assets in Russia. The group had announced a possible divestment of its Syktyvkar mill in Russia on March 10.

In a statement, Mondi announced: that «the divestment process for these significant assets is operationally and structurally complex and is being undertaken in an evolving political and regulatory environment». «Accordingly, there can be no certainty when a transaction will be completed or as to the structure of any possible transaction. As of 31 December 2021, the net asset value of the Russian operations was EUR 687 million». Mondi’s operations in Russia represented approximately 12% of the group’s sales by location of production in 2021 and, over the last three years, generated about 20% of the group’s underlying Ebitda.